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Funding Circle hits $10bn lending milestone

Funding Circle hits $10bn lending milestone

Funding Circle, the listed peer-to-peer lender, has reached a cumulative global lending milestone of over $10 billion.

The figure has been reached in part thanks to an active loan portfolio in the American market that has expanded to over $1 billion.

The cumulative total of $10 billion is more than double the $5 billion that the company was reporting just 19 months ago, reports AltFi.

Bernardo Martinez, Funding Circle's US Managing Director, states “We are incredibly proud that Funding Circle has become small business’ first choice for loans. We look forward to continuing to build on the strong foundations we have put in place to help many more businesses in the years ahead.”

 

Editor's note: This article has been updated to remove references to sterling

Comments: (1)

A Finextra member
A Finextra member 21 August, 2019, 10:45Be the first to give this comment the thumbs up 0 likes

I know this is mainly about growth in the US, but anyone in the UK who sees this and thinks "hey, I should really try lending money through Funding Circle!" should have a look at how tough it is to extract your money once you've lent it out. Currently it takes about 90 days to sell your loans on. 

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